Couple of questions
1 .was the cherry kiln dried and what was the moisture content?
2. What are the house conditions does the humidity change seasonally?
You might consider bow ties near the ends to prevent cracking but I think the steel would cause more issues as wood needs to expand and contract
The carved panel needs to be free to expand and contract along the vertical frame members. Personally, I’d attach them like breadboard ends on a tabletop. The simplest joinery would be a tongue on the panel ends fitting into a groove in the vertical frame pieces, glued/fastened only near the centerline of the panel.
Steel rods will not help at all they use wooden wedges to quarry granite. Imagine what that would do to thin steel rods? No, the solution with every piece of wood you ever carve is, whatever finish you do to one side you do to all sides. That is the secret to stop cracking and then of course avoid Water and weather.
Looking at you picture the wood strands run in the X axis or left to right / right to left.
Wood does not grow or expand in the wood strand length. The expansion will happen in the Y axis or up or down. You need to keep in mind it is wood and over years wood will change with humidty and temperature. Wood can dry out.